Financial Reporting Manual
Welcome to the Division of Corporation Finance’s Financial Reporting Manual (FRM).
Disclaimer: This Manual was originally prepared by the staff of the Division of Corporation Finance to serve as internal guidance. In 2008, in an effort to increase transparency of informal staff interpretations, the Division posted a version of the Manual to its website. Because of its informal nature, the Manual does not necessarily contain a discussion of all material considerations necessary to reach an accounting or disclosure conclusion. Such conclusions about a particular transaction are very fact dependent and require careful analysis of the transaction and of the relevant authoritative accounting literature and Commission requirements. The information in this Manual is non-authoritative. If it conflicts with authoritative or source material, the authoritative or source material governs. The information presented also may not reflect the views of other Divisions and Offices at the Commission. The guidance is not a rule, regulation or statement of the Commission and the Commission has neither approved nor disapproved this information. The information included in this Manual may be updated from time to time and positions may change. As a result, some of the information in this manual may not be up to date.
Summary of Recent Revisions and Updates
Revisions released June 29, 2026
- References to Compliance & Disclosure Interpretations (C&DI) have been revised to Corporation Finance Interpretations (CFI).
- Standardized formatting changes have been made throughout the document, which include some re-numbered sections (1310.2, 1310.3, 1310.4, 2410.9, 2410.10, 6510.11, 6540.3, and 14410.3).
- Corresponding edits have been made throughout the document to be consistent with updates released on July 2, 2025 to Topic 3 (including sections 1410.1, 6360.1, 7220.1, 7330, 7340, and 13110.2).
Recent Updates
Sections of the Financial Reporting Manual have been updated as of December 4, 2025, August 22, 2025, and June 30, 2025. These sections have been marked with a corresponding date tag (e.g., “Last updated: 12/4/2025”) to identify the changes. Previous updates are marked using a similar convention and represent the last revision to the respective section(s). We include/update a date tag when the change is significant. Changes that are administrative in nature (for example, section reference updates, terminology modifications for consistency, or grammatical improvements) are not considered to be significant.
The charts below provide a summary of the significant changes as of December 4, 2025, August 22, 2025, and June 30, 2025.
Updates as of December 4, 2025 (released December 5, 2025)
| Topic/Section | Comment |
| 1140.5, 1140.7, 1170.2, 5130.3, 8310, 8340, 10110.9, 10120.2, 10220.6, 10220.7, 12220.1, 12250.1, 12260, and 12300 | Revisions to reflect SEC Release No. 33-11265, “Special Purpose Acquisition Companies, Shell Companies, and Projections” which was effective July 1, 2024. |
Updates as of August 22, 2025 (released August 28, 2025)
| Topic/Section | Comment |
| 1140.8, 2200.2, 2200.5, 2340 2345, 2360, 5210, 6120.11, 6220.7, 6340.2, 6410.8, 6410.10, 10220.5, and 12250 | Additional real estate related and other miscellaneous revisions to conform to the May 20, 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) from SEC Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” which were effective January 1, 2021.
|
| 4110, 4125, 4140, 4210, 4220, 4240, 4250, 4310.1, 4310.9, 4310.16, 4320.1, 4320.18, 4520.5, 4530, 4640, 4710, 4810.3, 4810.4, 4830.1 and 4830.6 | Revisions for changes to standards issued by the PCAOB (including AS 2101, AS 1206, AS 3101 and AS 3105) and other clarifications related to independent accountants’ involvement. |
| 1610, 1620, 2705, 4420, 4870, 5350, 6120.12, 6410.2, 6420, 6720.5, 9110, 9200, 9410, 9500, 9510, 9700, 9910, 10220.2 and 13500 | Revisions for amendments to S-K 301, S-K 302 and S-K 303 from SEC Release No. 33-10890 “Amendments to Management’s Discussion and Analysis, Selected Financial Data and Supplementary Financial Information,” which were effective February 10, 2021. |
| 1360.2, 2935.22, 6120.6, 6220.10, 6320.4, 6810.1, 6830 and 13410.4 | Other matters |
Updates as of June 30, 2025 (released July 2, 2025)
| Topic/Section | Comment |
| 2000, 2305, 2310, 2315, 2320, 2325, 2330, 2335 | Sections and sub-sections have been removed. Relevant content has been updated and/or reflected within 2900.
|
| 2540.6, 2640.2, 2640.4, 2640.5 | Additional revisions for March 2, 2020 amendments to Rules 3-10 and 3-16 of Regulation S-X in SEC Release No. 33-10762, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities”. |
| 2900, Topic 3, 5320 | Revisions for May 20, 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) and S-X Article 11 Rules (Pro Forma) in SEC Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” which were effective January 1, 2021.
Note: There are other sections throughout the FRM that require revision to reflect updates made in 2900. These will be included in a future FRM update. Sub-sections reflect the last updated dates. |
Last Reviewed or Updated: June 29, 2026